During a speech at the US-Ukraine Partnership Forum in Washington on Thursday, Victoria Nuland, the US Under Secretary of State for Political Affairs, said that the American authorities are in discussions about using the Russian central bank assets frozen by the West to rebuild Ukraine after the conflict between Kiev and Moscow ends.
The reconstruction program aims not only to rebuild Ukraine’s cities, towns, and villages, but also to provide the country with a powerful military, “greener” energy infrastructure and stronger government institutions that would be “better hardened against corruption,” she said. According to the World Bank, the reconstruction of Ukraine would cost at least $411 billion over a ten-year period.
Nuland also highlighted that discussions are ongoing about the estimated $300 billion of Russian central bank assets that the US and its allies have frozen in connection to the reconstruction of Ukraine. She emphasized that the US Department of Justice has been granted new authority to use “illicit assets seized from Russian oligarchs” to help rebuild Ukraine.
However, German newspaper Die Welt reported that Brussels had come to the conclusion that it would eventually have to return the frozen central bank reserves, after viewing unpublished internal documents by the European Commission. The foreign reserves of the Russian central bank were seized by the US and the EU shortly after the outbreak of the conflict in Ukraine last February.
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